Morning News Call - India, April 18

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FACTORS TO WATCH
9:45 am: India Housing Secretary Durga Shankar Mishra to inaugurate 1st
regional workshop on star rating of garbage free cities, in New Delhi.
10:00 am: India’s Director General of Foreign Trade Alok Chaturvedi,
Additional Director General of Foreign Trade Nikunj Srivastava at 2nd national
conference on export control, in New Delhi.
10:00 am: India Labour Minister Santosh Kumar Gangwar at national conference
on building and other construction workers in New Delhi.
10:30 am: India Trade Minister Suresh Prabhu to visit Federation of Indian
Export Organisations’ cleanliness drive in New Delhi.
11:00 am: Reserve Bank of India Deputy Governor N.S. Vishwanathan to deliver
convocation address at The National Institute of Bank Management in Pune.
11:00 am: Mahindra & Mahindra President - Automotive Sector Rajan Wadhera to
announce new development around flagship SUV XUV500 in Mumbai.
11:30 am: S&P Global Ratings' analysts to share views on IFRS 9 adoption by
Asia-Pacific banks in Mumbai.
3:30 pm: India External Affairs Minister Sushma Swaraj, Human Resources
Minister Prakash Javadekar to launch Study in India portal in New Delhi.
GMF: EQUITIES WATCH
Join our Reuters correspondents in London and New York for a discussion on
the stock markets and company earnings at 06:30 pm IST. To join the
conversation, click on the link: here
INDIA TOP NEWS
• Fosun offers to invest up to $350 million in India's Fortis Healthcare
Fortis Healthcare Ltd, the target of two rival takeover bids, received an
unsolicited investment offer of up to $350 million from a unit of Chinese
conglomerate Fosun International, the company said in a regulatory filing on
Tuesday.
• CBI probing Surya Pharmaceuticals in $95 million bank fraud case
Indian police have launched an investigation into a Delhi-based
pharmaceutical company for allegedly defrauding state-run Punjab & Sind Bank and
four other banks of 6.21 billion rupees, police said.
• Vedanta gets regulatory nod for Electrosteel takeover
Vedanta Ltd said on Tuesday it got approval from India's designated court
for bankruptcy cases to acquire Electrosteel Steels Ltd.
• India calms cash crunch worries, will ensure adequate currency supply
India's government and the central bank said on Tuesday they will ensure
there is an adequate amount of cash in circulation, following reports that
banks' automated teller machines (ATMs) had run out of notes in different parts
of the country.
• ONGC files arbitration claim against Sudan over unpaid oil dues
The foreign acquisition unit of India's Oil and Natural Gas Corp's (ONGC)
has filed an arbitration claim against the government of Sudan in a London
court, a company official said, seeking to recover dues pending for years from a
project hit by the breakaway of South Sudan in 2011.
GLOBAL TOP NEWS
• China's ZTE may lose Android license as U.S. market woes build
Chinese smartphone maker ZTE Corp's U.S. woes deepened on Tuesday, as
regulators proposed new rules that could cut into its sales, while a supply ban
means it may not be able to use Android software in its devices, according to a
source.
• Japan's March exports disappoint on strong yen, trade friction a risk
Japan's exports rose less than expected in March due to a strong yen,
raising some concern about the outlook for shipments on top of anxiety over
Washington's criticism of the nation's large trade surplus with the United
States.
• Trump's CIA chief in secret meeting with North Korean leader -U.S.
officials
U.S. Secretary of State nominee and CIA Director Mike Pompeo made a secret
visit to North Korea over the Easter weekend and met with North Korean leader
Kim Jong Un to discuss a planned summit with U.S. President Donald Trump, U.S.
officials said on Tuesday.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• SGX Nifty nearest-month futures at 10,597.50, up 0.4 percent from its
previous close.
• The Indian rupee is expected to edge lower against the dollar today as
better-than-expected housing and industrial output data lifted the U.S. currency
from three-week lows.
• Indian government bonds will likely open little changed amid lack of fresh
triggers, while investors await minutes of the April policy meeting of the
nation's rate-setting Monetary Policy Committee. The yield on the benchmark 7.17
percent bond maturing in 2028 may trade in a 7.48 percent-7.53 percent band
today.
GLOBAL MARKETS
• U.S. stock indexes rallied on Tuesday on broad-based gains while Netflix
and UnitedHealth earnings impressed investors and boosted optimism about the
U.S. corporate reporting season.
• Asian shares crept ahead after Wall Street took heart from upbeat
corporate earnings, though nagging concerns about trade barriers and the global
growth outlook kept currencies and bonds subdued.
• The dollar held to modest gains after climbing off a three-week low on
upbeat U.S. data, although lingering caution over U.S.-China trade tensions
confined currencies to narrow ranges.
• The U.S. yield curve on Tuesday was at its flattest in over a decade,
driven by rising short-dated Treasury yields and a fall at the long end, even as
geopolitical and trade risks eased.
• Oil prices edged up, lifted by a reported fall in U.S. crude inventories
and by the ongoing risk of supply disruptions.
• Gold prices slipped while the dollar held its gains on the back of upbeat
March U.S. housing starts and industrial production figures.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 65.66/65.69 April 17 -$144.81 mln -$421.39 mln
10-yr bond yield 7.63 pct Month-to-date -$233.89 mln -$535.18 mln
Year-to-date $1.93 bln $185.45 mln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 65.67 Indian rupees)
(Compiled by Shradha Singh in Bengaluru)